Lectures in the Microeconomics of Choice

Lectures in the Microeconomics of Choice（World Scientific Lecture Notes in Economics and Policy）

有关选择的微观经济学讲义：基金会、消费者和生产者
微观经济学

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作者

Bryant William David Anthony

出版社

World Scientific Publishing

出版时间

2023年01月09日

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ＩＳＢＮ

9789811254703

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780 pp

语种

英文

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People pursue their own interests, whatever those interests might be. Some people have interests that are narrow and selfish, others have interests that are broad and altruistic, still others have interests that vary and are somewhere in between. The bedrock idea that people are self-interested (and from which all economic analysis proceeds) raises two fundamental questions. Firstly: How is it that people choose the actions they think will further their interests? Secondly: What are the social and economic consequences of the interaction of the (potentially conflicting) choices made by different people? This book is devoted to a detailed study of the first question.The book begins with the Arrow – Debreu theory of consumer choice. This theory supposes people choose so as to maximize a complete, continuous, transitive, and reflexive binary preference relation over a non-empty and compact choice set, under conditions of certainty and in an atemporal context. The book then studies numerous intriguing and ingenious modifications, relaxations, and generalizations of each of these restrictions that have appeared in the literature — and which continue to appear in the literature — over the past several decades. This is up to and including recent work on Behavioral theories of choice. The study is presented from the Primal, Dual, and Revealed Preference points of view.Consumers are not the only agents in an economy, as Producers are present as well. Starting with the Arrow – Debreu idea that producers choose from a convex production set so as to maximize profit, a study is made of some of the extensions, modifications, and generalizations of this framework that have appeared in the literature. The study is presented from the Primal and Dual points of view.The final chapter in this book provides a link to its Companion Volume (Economy-Wide Microeconomics: Equilibrium, Optimality, Applications and Tests). That Volume takes the theories of consumer and producer choice encountered in this Book and makes a detailed study of the second question posed above.Key FeaturesThis book provides an account of microeconomics research that covers all four fundamental parts: theory, applications, empirical tests, generalizations, and extensionsThis volume gives an account of microeconomics using an integrated, consistent, and overarching framework and narrative

Foundations: Introduction; Propositions, the Predicate Calculus, and Some Set Theory; Axiomatic analysis; Conclusion; Microeconomics and the Arrow–Debreu Model: Introduction; The Arrow–Debreu Model and the Foundations of Microeconomic Theory; Structural Features of an Arrow–Debreu Economy; Motivation for The Arrow–Debreu Model; Scientific Method and Meaningful Theorems; Conclusion; Consumer Preferences, Choice Sets, and Best Elements: Introduction; Arrow–Debreu Consumer Choice Theory; Conditions for the Existence of Best Elements; The Fundamental Theorem of Arrow–Debreu Consumer Choice Theory; Generalizations and Extensions of Proposition 3.4; Relaxing the Transitivity of Preferences; Relaxing the Continuity Condition on Preferences; Relaxing the Completeness Condition on Preferences; Relaxing Compactness of the Choice Set; Some Behavioral Alternatives to the Preference Maximization Hypothesis; Conclusion; The Representation of Preferences by Utility Functions: Introduction; Do Utility Functions Exist?; Best Element Existence Given a Continuous Utility (and a Compact Choice Set); Not All Preferences are Representable by an (Ordinary) Utility Function; Special Preference Structures and Their Representing Utility Functions; Utility Functions for Choice Under Risk and Uncertainty; Choice Under Uncertainty; Intertemporal Choice and Utility; Conclusion; The Primal Approach to Demand: Introduction; Arrow–Debreu Consumer Demand Theory; Properties of an Arrow–Debreu Consumer’s Demands; Behavioral Properties of Consumer Demands; The Arrow–Debreu Budget Constraint; Some Special Demand Systems; Monotone Comparative Statics; Market Demand; Conclusion; The Dual Approach to Demand: Introduction; What is Duality?; An Arrow–Debreu Consumer’s Expenditure Function; Convex Analysis and a Consumer’s Utility-Based Expenditure Function; The Demand Theory of a Consumer’s Utility-Based Expenditure Function; An Arrow–Debreu Consumer’s Indirect Utility Function; The Demand Theory of the Indirect Utility Function; An Arrow–Debreu Consumer’s Distance Function; An Arrow–Debreu Consumer’s Benefit Function; An Arrow–Debreu Consumer’s Frisch Profit Function; Some Further Dual (Inter)Relationships; ’Utility’ Representation Using ’Economically Meaningful’ Functions; Techniques for Obtaining Comparative Static Results in Optimization Models; Market Demands From a Dual Point of View; Conclusion; Revealed Preference and Integrability: Introduction; The Basic Set-Up of Revealed Preference Analysis; How Demanding is Revealed Preference Demand Theory?; Policymaking with Revealed Preference; The Integrability of Demand; Conclusion; Producers and Their Best Responses: Introduction; Arrow–Debreu Producers; Arrow–Debreu Producers and the Law of Supply; Arrow–Debreu Producer Theory via Duality; The Slutsky Equation in a Production Economy; Relaxing Some Conditions on Yj; Conclusion; Conclusion

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